{"id":1015227,"date":"2026-10-29T12:35:27","date_gmt":"2026-10-29T16:35:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/graham-holdings-company-reports-third-quarter-earnings-3\/"},"modified":"2026-10-29T12:35:27","modified_gmt":"2026-10-29T16:35:27","slug":"graham-holdings-company-reports-third-quarter-earnings-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/graham-holdings-company-reports-third-quarter-earnings-3\/","title":{"rendered":"Graham Holdings Company Reports Third Quarter Earnings"},"content":{"rendered":"

<\/p>\n

Graham Holdings Company Reports Third Quarter Earnings<\/b><\/p>\n

ARLINGTON, Va.–(BUSINESS WIRE<\/a>)–
\nGraham Holdings Company (NYSE: GHC) today reported its financial results for the third quarter of 2026. The Company also filed its Form 10-Q today for the quarter ended September 30, 2026 with the Securities and Exchange Commission.<\/p>\n

Division Operating Results<\/span><\/b><\/p>\n

\nRevenue for the third quarter of 2026 was $1,326.0 million, up 4% from $1,278.9 million in the third quarter of 2025. The Company reported operating income of $85.5 million for the third quarter of 2026, compared to $67.1 million for the third quarter of 2025. The Company reported adjusted operating cash flow (non-GAAP) of $121.8 million for the third quarter of 2026, compared to $110.1 million for the third quarter of 2025. Revenues, operating results and adjusted operating cash flow increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education. Capital expenditures totaled $39.6 million and $20.2 million for the third quarter of 2026 and 2025, respectively.<\/p>\n

\nRevenue for the first nine months of 2026 was $3,864.5 million, up 6% from $3,660.5 million in the first nine months of 2025. The Company reported operating income of $227.0 million for the first nine months of 2026, compared to $187.4 million for the first nine months of 2025. Revenues and operating results increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education. The Company reported adjusted operating cash flow (non-GAAP) of $354.5 million for the first nine months of 2026, compared to $309.5 million for the first nine months of 2025. Adjusted operating cash flow increased at television broadcasting, manufacturing, automotive and other businesses, partially offset by declines at education and healthcare. Capital expenditures totaled $80.2 million and $54.1 million for the first nine months of 2026 and 2025, respectively.<\/p>\n

Disposition of Business<\/span><\/b><\/p>\n

\nIn the third quarter of 2026, Kaplan entered into an agreement to sell Dublin Business School (DBS) to China Chunlai Education Group Co., Ltd., a provider of private higher education in China. At September 30, 2026, the Company classified the assets and liabilities of DBS as held for sale. The transaction closed on October 27, 2026. Under the terms of the Share Purchase Agreement, Kaplan sold all of the outstanding shares of Accountancy & Business College (Ireland) Limited, which operates DBS, together with certain intellectual property, for $127.5 million.<\/p>\n

Debt, Cash and Marketable Equity Securities<\/span><\/b><\/p>\n

\nAt September 30, 2026, the Company had $853.4 million in borrowings outstanding at an average interest rate of 5.8%, including $186.2 million outstanding on its $400 million revolving credit facility. Cash, marketable equity securities and other investments totaled $1,246.2 million at September 30, 2026, excluding DBS cash classified as held for sale.<\/p>\n

\nOverall, the Company recognized $15.0 million in net losses and $17.9 million in net gains on marketable equity securities in the third quarter and first nine months of 2026, compared to $84.8 million and $117.0 million in net gains on marketable equity securities in the third quarter and first nine months of 2025.<\/p>\n

Common Stock Repurchases<\/span><\/b><\/p>\n

\nDuring the first nine months of 2026, the Company purchased a total of 176,529 shares of its Class B common stock at a cost of $198.6 million. At September 30, 2026, there were 4,185,665 shares outstanding. On September 12, 2024, the Board of Directors authorized the Company to acquire up to 500,000 shares of its Class B common stock; the Company has remaining authorization for 285,953 shares as of September 30, 2026.<\/p>\n

Overall Company Results<\/span><\/b><\/p>\n

\nThe Company reported net income attributable to common shares of $75.1 million ($17.60 per share) for the third quarter of 2026, compared to $122.9 million ($27.91 per share) for the third quarter of 2025.<\/p>\n

\nFor the first nine months of 2026, the Company reported net income attributable to common shares of $385.3 million ($88.92 per share), compared to $183.6 million ($41.75 per share) for the first nine months of 2025.<\/p>\n

\nThe results for the third quarter and first nine months of 2026 and 2025 were affected by a number of items as described in the Non-GAAP Financial Information schedule attached to this release. Excluding these items, net income attributable to common shares was $80.2 million ($18.77 per share) for the third quarter of 2026, compared to $62.0 million ($14.08 per share) for the third quarter of 2025. Excluding these items, net income attributable to common shares was $238.2 million ($54.98 per share) for the first nine months of 2026, compared to $176.1 million ($40.05 per share) for the first nine months of 2025.<\/p>\n

Forward-Looking Statements<\/span><\/b><\/p>\n

\nAll public statements made by the Company and its representatives that are not statements of historical fact, including certain statements in this press release, in the Company\u2019s Annual Report on Form 10-K and in the Company\u2019s 2025 Annual Report to Stockholders, are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by the Company\u2019s management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ from those stated, including, without limitation, comments about expectations related to acquisitions or dispositions or related business activities, the Company\u2019s business strategies and objectives, the prospects for growth in the Company\u2019s various business operations, the Company\u2019s future financial performance, and the risks and uncertainties described in Item 1A of the Company\u2019s Annual Report on Form 10-K. Accordingly, undue reliance should not be placed on any forward-looking statement made by or on behalf of the Company. The Company assumes no obligation to update any forward-looking statement after the date on which such statement is made, even if new information subsequently becomes available.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nGRAHAM HOLDINGS COMPANY<\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF OPERATIONS<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(in thousands, except per share amounts)<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating revenues<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,326,037<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,278,859<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,216,622<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,180,498<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation of property, plant and equipment<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

18,119<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19,298<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(6<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of intangible assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

5,775<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9,692<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(40<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment of intangible and other long-lived assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\u2014<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,235<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

85,521<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n67,136<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity in (losses) earnings of affiliates, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(3,590<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15,780<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest income<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,594<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,464<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(15,769<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(17,164<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(8<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-operating pension and postretirement benefit income, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

47,601<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n31,047<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n53<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Loss) gain on marketable equity securities, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(15,027<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n84,768<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther (expense) income, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(1,187<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Income before income taxes<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

99,143<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n183,038<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(46<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Provision for income taxes<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

21,900<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n56,800<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(61<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

77,243<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n126,238<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(39<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net income attributable to noncontrolling interests<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(2,133<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3,313<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(36<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net Income Attributable to Graham Holdings Company Common Stockholders<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

75,110<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n122,925<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(39<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Per Share Information Attributable to Graham Holdings Company Common Stockholders<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic net income per common share<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

17.79<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n28.19<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(37<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic average number of common shares outstanding<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

4,198<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,334<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted net income per common share<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

17.60<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n27.91<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(37<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted average number of common shares outstanding<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

4,243<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,378<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nGRAHAM HOLDINGS COMPANY<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF OPERATIONS<\/span><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Unaudited)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Nine Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(in thousands, except per share amounts)<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating revenues<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

3,864,535<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n3,660,546<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

3,545,916<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,386,690<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation of property, plant and equipment<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

54,794<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n59,504<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(8<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of intangible assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

17,808<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n24,757<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(28<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment of goodwill, other long-lived assets and asset group held for sale<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

19,029<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,235<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

226,988<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n187,360<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity in earnings of affiliates, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

11,397<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10,466<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest income<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

5,950<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,225<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(4<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(49,171<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(117,547<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(58<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-operating pension and postretirement benefit income, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

248,323<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n94,266<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on marketable equity securities, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

17,929<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n117,026<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(85<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther expense, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(4,146<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(20,514<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(80<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Income before income taxes<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

457,270<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n277,282<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n65<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Provision for income taxes<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

66,900<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n84,900<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(21<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

390,370<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n192,382<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net income attributable to noncontrolling interests<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(5,051<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(8,814<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(43<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net Income Attributable to Graham Holdings Company Common Stockholders<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

385,319<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n183,568<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Per Share Information Attributable to Graham Holdings Company Common Stockholders<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic net income per common share<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

89.84<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n42.15<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic average number of common shares outstanding<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

4,264<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,329<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted net income per common share<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

88.92<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n41.75<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted average number of common shares outstanding<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

4,309<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,370<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nGRAHAM HOLDINGS COMPANY<\/p>\n<\/td>\n<\/tr>\n

\n

BUSINESS DIVISION INFORMATION<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Nine Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(in thousands)<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Revenues<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEducation<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

404,282<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n472,662<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(14<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,262,569<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,334,206<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(5<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nTelevision broadcasting<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

125,304<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n105,087<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

346,487<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n314,625<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nHealthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

260,252<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n208,415<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

717,243<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n584,375<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nManufacturing<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

147,601<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n124,257<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

405,915<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n318,480<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAutomotive<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

299,060<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n285,228<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

868,036<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n851,791<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther businesses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

89,443<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n83,215<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

264,209<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n257,082<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate office<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

883<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n620<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n42<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,278<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,861<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntersegment elimination<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(788<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(625<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(2,202<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,874<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,326,037<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,278,859<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

3,864,535<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n3,660,546<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEducation<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

364,994<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n423,610<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(14<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,140,623<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,198,936<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(5<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nTelevision broadcasting<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

76,845<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n78,313<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

233,602<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n235,513<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nHealthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

237,008<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n187,423<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

651,963<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n519,969<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nManufacturing<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

138,603<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n117,562<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

381,816<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n298,739<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n28<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAutomotive<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

289,722<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n278,920<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

845,325<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n829,698<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther businesses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

111,333<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n108,230<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

327,423<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n340,630<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(4<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate office<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

22,799<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18,290<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

58,997<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n51,575<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntersegment elimination<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(788<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(625<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(2,202<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,874<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,240,516<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,211,723<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

3,637,547<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n3,473,186<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Income (Loss)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEducation<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

39,288<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n49,052<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(20<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

121,946<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n135,270<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(10<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nTelevision broadcasting<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

48,459<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26,774<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n81<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

112,885<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n79,112<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n43<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nHealthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

23,244<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n20,992<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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65,280<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

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\nManufacturing<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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8,998<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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24,099<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n19,741<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAutomotive<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

9,338<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n6,308<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n48<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

22,711<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n22,093<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther businesses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(21,890<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(25,015<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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(63,214<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(83,548<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate office<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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(21,916<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(17,670<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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(56,719<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(49,714<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n<\/tr>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

85,521<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n$<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

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\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

226,988<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n$<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

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Amortization of Intangible Assets and Impairment of Goodwill, Other Long-Lived Assets and Asset Group Held for Sale<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEducation<\/p>\n<\/td>\n

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$<\/b><\/p>\n<\/td>\n

\n

84<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,404<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(94<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

19,670<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n5,222<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTelevision broadcasting<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

1,360<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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4,080<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n4,080<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

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\nHealthcare<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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71<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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257<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n(81<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n<\/tr>\n

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\nManufacturing<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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3,717<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,442<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(16<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

11,203<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9,304<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n20<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

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\nAutomotive<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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5<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(99<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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15<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(97<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther businesses<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

538<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n3,066<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

1,612<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n6,486<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(75<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate office<\/p>\n<\/td>\n

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\u2014<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u2014<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\u2014<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u2014<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

5,775<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n11,927<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n(52<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

36,837<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n26,992<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n36<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill, Other Long-Lived Assets and Asset Group Held for Sale<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEducation<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

39,372<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n50,456<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(22<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

141,616<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n140,492<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTelevision broadcasting<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

49,819<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n28,134<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n77<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

116,965<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n83,192<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n41<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nHealthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

23,315<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22,087<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

65,537<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n65,736<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nManufacturing<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

12,715<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,137<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

35,302<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n29,045<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAutomotive<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9,343<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,868<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n36<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

22,726<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22,663<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther businesses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(21,352<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(21,949<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(61,602<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(77,062<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n20<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate office<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(21,916<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(17,670<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(24<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(56,719<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(49,714<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(14<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

91,296<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n79,063<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

263,825<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n214,352<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Nine Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(in thousands)<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n<\/tr>\n

\n

Depreciation<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEducation<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

5,524<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n7,085<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(22<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

17,237<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n22,261<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(23<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nTelevision broadcasting<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,271<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,597<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(13<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

6,952<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,850<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(11<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nHealthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,952<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,837<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

5,779<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,346<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nManufacturing<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,855<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,219<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(11<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9,027<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,576<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAutomotive<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,993<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,718<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

5,775<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,155<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther businesses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

3,354<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,671<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9,515<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9,813<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate office<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

170<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n171<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

509<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n503<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

18,119<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n19,298<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(6<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

54,794<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n59,504<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(8<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Pension Expense<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEducation<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

4,555<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n4,318<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

13,666<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n12,954<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTelevision broadcasting<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,554<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,475<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

4,661<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,426<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nHealthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,365<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,496<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(5<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

5,894<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,488<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(21<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nManufacturing<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,242<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n866<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n43<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

3,727<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,596<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n44<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAutomotive<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

34<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

102<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n47<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther businesses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,889<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,857<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

5,614<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,868<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(4<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate office<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

740<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n761<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,217<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,284<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

12,379<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n11,772<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

35,881<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n35,663<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Operating Cash Flow (non-GAAP)(1)<\/sup><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEducation<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

49,451<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n61,859<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(20<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

172,519<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n175,707<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nTelevision broadcasting<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

53,644<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n32,206<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n67<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

128,578<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n95,468<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n35<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nHealthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

27,632<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26,420<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

77,210<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n78,570<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nManufacturing<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

16,812<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15,222<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

48,056<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n40,217<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n19<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAutomotive<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

11,370<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,585<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n32<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

28,603<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27,865<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther businesses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(16,109<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(17,421<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(46,473<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(61,381<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate office<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(21,006<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(16,738<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(25<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(53,993<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(46,927<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(15<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

121,794<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n110,133<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

354,500<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n309,519<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
\n

\n____________<\/p>\n<\/td>\n<\/tr>\n

\n

\n(1)<\/p>\n<\/td>\n

\n

\nAdjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill, Other Long-Lived Assets and Asset Group Held for Sale plus Depreciation Expense and Pension Expense.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nGRAHAM HOLDINGS COMPANY<\/p>\n<\/td>\n<\/tr>\n

\n

EDUCATION DIVISION INFORMATION<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Nine Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(in thousands)<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Revenues<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan international<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

230,134<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n294,292<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(22<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

754,145<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n827,719<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(9<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nHigher education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

93,865<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n92,162<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

272,561<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n265,387<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSupplemental education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

80,805<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n86,679<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(7<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

237,145<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n242,243<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan corporate and other<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

369<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n280<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n32<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

924<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n315<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntersegment elimination<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(891<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(751<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(2,206<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,458<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

404,282<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n472,662<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(14<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,262,569<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,334,206<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(5<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan international<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

212,842<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n265,399<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(20<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

672,603<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n738,827<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(9<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nHigher education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

75,961<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n77,479<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

220,320<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n219,925<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSupplemental education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

71,150<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n71,700<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

211,706<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n213,890<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan corporate and other<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

5,761<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,417<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(32<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

18,433<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22,516<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(18<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of intangible assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

84<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,404<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(94<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

641<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,222<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(88<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment of goodwill and asset group held for sale<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\u2014<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

19,029<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntersegment elimination<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(804<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(789<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(2,109<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,444<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

364,994<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n423,610<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(14<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,140,623<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,198,936<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(5<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Income (Loss)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan international<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

17,292<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n28,893<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(40<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

81,542<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n88,892<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(8<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nHigher education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

17,904<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14,683<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

52,241<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n45,462<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSupplemental education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9,655<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14,979<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(36<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

25,439<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n28,353<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(10<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan corporate and other<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(5,392<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(8,137<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(17,509<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(22,201<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization of intangible assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(84<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,404<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n94<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(641<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(5,222<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n88<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment of goodwill and asset group held for sale<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\u2014<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(19,029<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntersegment elimination<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(87<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n38<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(97<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(14<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

39,288<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n49,052<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(20<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

121,946<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n135,270<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(10<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan international<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

17,292<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n28,893<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(40<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

81,542<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n88,892<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(8<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nHigher education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

17,904<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14,683<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

52,241<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n45,462<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSupplemental education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

9,655<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14,979<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(36<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

25,439<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n28,353<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(10<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan corporate and other<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(5,392<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(8,137<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(17,509<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(22,201<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntersegment elimination<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(87<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n38<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(97<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(14<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

39,372<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n50,456<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(22<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

141,616<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n140,492<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Depreciation<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

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\nKaplan international<\/p>\n<\/td>\n

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$<\/b><\/p>\n<\/td>\n

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4,366<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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$<\/b><\/p>\n<\/td>\n

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13,945<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n$<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n<\/tr>\n

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378<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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945<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(18<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n<\/tr>\n

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\nSupplemental education<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

769<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n692<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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2,317<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan corporate and other<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

11<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

30<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

5,524<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

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\n7,085<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(22<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

17,237<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n22,261<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(23<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Pension Expense<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan international<\/p>\n<\/td>\n

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$<\/b><\/p>\n<\/td>\n

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\u2014<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u2014<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

176<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

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\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nHigher education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,984<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,849<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

5,936<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,546<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSupplemental education<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,017<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,929<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

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\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

6,063<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,788<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan corporate and other<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

554<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,491<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n1,192<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

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\n\u00a0<\/p>\n<\/td>\n

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$<\/b><\/p>\n<\/td>\n

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4,555<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

13,666<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n12,954<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Operating Cash Flow (non-GAAP)(1)<\/sup><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan international<\/p>\n<\/td>\n

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$<\/b><\/p>\n<\/td>\n

\n

21,658<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

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\n35,107<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(38<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

95,663<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n$<\/p>\n<\/td>\n

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\n108,334<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(12<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n<\/tr>\n

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\nHigher education<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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20,266<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n16,846<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

59,122<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n52,161<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n13<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSupplemental education<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

12,441<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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33,819<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n36,217<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(7<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nKaplan corporate and other<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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(4,827<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n(7,732<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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(15,988<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(20,991<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

\n24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIntersegment elimination<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(87<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

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\n

\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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\n\u2014<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

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(97<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

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\n

\n\u00a0<\/p>\n<\/td>\n

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\n)<\/p>\n<\/td>\n

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\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

49,451<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n61,859<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(20<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

172,519<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n175,707<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
\n

\n____________<\/p>\n<\/td>\n<\/tr>\n

\n

\n(1)<\/p>\n<\/td>\n

\n

\nAdjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale plus Depreciation Expense and Pension Expense.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\nGRAHAM HOLDINGS COMPANY<\/p>\n<\/td>\n<\/tr>\n

\n

HEALTHCARE DIVISION INFORMATION<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Nine Months Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 30<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n(in thousands)<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Revenues<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCSI<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

162,289<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n120,382<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n35<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

428,593<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n324,045<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n32<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Healthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

97,963<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n88,033<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

288,650<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n260,330<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

260,252<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n208,415<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

717,243<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n584,375<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCSI<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

147,548<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n106,985<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n38<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

395,042<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n287,008<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n38<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Healthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

89,460<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n80,438<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

256,921<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n232,961<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

237,008<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n187,423<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

651,963<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n519,969<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCSI<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

14,741<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n13,397<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

33,551<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n37,037<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(9<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Healthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

8,503<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,595<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

31,729<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27,369<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

23,244<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n20,992<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

65,280<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n64,406<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Amortization of Intangible Assets and Impairment of Long-Lived Assets<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCSI<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

21<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n40<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(48<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

62<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n107<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(42<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Healthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

50<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,055<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(95<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

195<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,223<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(84<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

71<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,095<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(94<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

257<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,330<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(81<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Income before Amortization of Intangible Assets and Impairment of Long-Lived Assets<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCSI<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

14,762<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n13,437<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

33,613<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n37,144<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(10<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Healthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

8,553<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,650<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

31,924<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n28,592<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

23,315<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n22,087<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

65,537<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n65,736<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Depreciation<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCSI<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

293<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n186<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n58<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

887<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n545<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n63<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Healthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,659<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,651<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

4,892<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,801<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,952<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,837<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

5,779<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n5,346<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Pension Expense<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCSI<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

602<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

602<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Healthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,763<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,496<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(29<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

5,292<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,488<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(29<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

2,365<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n2,496<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(5<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

5,894<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n7,488<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(21<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Operating Cash Flow (non-GAAP)(1)<\/sup><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCSI<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

15,657<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n13,623<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

35,102<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n37,689<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(7<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Healthcare<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

11,975<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12,797<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(6<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

42,108<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n40,881<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

27,632<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n26,420<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

77,210<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n78,570<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(2<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
\n

\n____________<\/p>\n<\/td>\n<\/tr>\n

\n

\n(1)<\/p>\n<\/td>\n

\n

\nAdjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Long-Lived Assets plus Depreciation Expense and Pension Expense.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nNON-GAAP FINANCIAL INFORMATION<\/p>\n

\nGRAHAM HOLDINGS COMPANY<\/p>\n

\n(Unaudited)<\/p>\n

\nIn addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included in this press release, the Company has provided information regarding Adjusted Operating Cash Flow and Net income excluding certain items described below, reconciled to the most directly comparable GAAP measures. Management believes that these non-GAAP measures, when read in conjunction with the Company\u2019s GAAP financials, provide useful information to investors by offering:<\/p>\n